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It may be a big deficit, but as a Californian myself I can go to sleep at night knowing not a single penny of that $68B was squandered or spent inappropriately.
California is facing a record $68 billion budget deficit, state officials announced Thursday, forcing hard choices for Democratic Gov. Gavin Newsom in his final term as he works to build his national profile.
CA will probably go back to a surplus once things start picking back up again with IPOs and inflation cools down.
That's the way it was in the past, but you're failing to consider the mass exodus of high and ultra high earners which has eroded the tax base. There's just not enough tax income to support historically high spending and no one is talking about cutting spending. It's not a good look...
Debt is a related but distinct matter. And FWIIW CA's monster current year deficit is not accounted for in the Forbes numbers.
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